The European Court of Justice will rule on whether courts here or in Cyprus should decide where the dispute between Anglo Irish Bank and Sean Quinn and his family will be heard.

Anglo, the nationalised bank which is owed an estimated €2.8bn by the Quinns, applied for injunctions earlier this year restricting the family from making changes to their international business.

The bank also alleges that there is a conspiracy within the family to strip the companies of their assets and reduce the bank’s security – an allegation denied by the Quinns.

Following the High Court’s decision the ask the European Court of Justice to make a decision, both sides will now have to reach agreement on question that should be put to the European courts.

Both sides will now try to reach agreement on the questions that should be put to the European Court of Justice and the matter will be mentioned in the High Court again on October 3.

This action by Anglo against the Quinns is the third set of proceedings.

The Quinns began separate legal proceedings against Anglo earlier this year in which they challenged the appointment of the receiver appointed over their shares in some of the Quinn Group companies in Ireland.

They are also taking action in the courts in Cyprus challenging Anglo's appointment of a receiver over shares in a number of Cypriot companies.

The Quinns say Irish courts should not hear the issue because they are related to the proceedings in the Cypriot courts.

However, lawyers for Anglo have asked the court in Cyprus to refuse jurisdiction to hear the matters there.

Mr Justice Frank Clarke said EU regulations did not provide guidance as to which court should decide who should have jurisdiction to hear the matter.